The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1887-07-10
CHAPTER OK.


An act authorizing cities to issue bonds for
the purpose of acquiring immediate title
to property in certain cases.
i. Belt enacted by the Senate and Gen.
ersl Assembly of the State of New Jersey,
That in any case in any city in this state
where water pipes have been laid and
other work connected Herewith has here
tofore been done and materials furnished
for the city in accordance with the terms
OF written contract legally entered into
and not in dispute, and the same have not
been fully paid, it shall be lawful for the
board having supervision and control of
the finances of such city, whether other or
different provisions or contracts for the
payment thereof have or have not been
made, to issue registered or coupon bonds
in the corporate name of such city in the
form now prescribed in such city, to bear
interest at a rate not to exceed four and
one-half per centum per anHlm, and de-
liver the same at not less than their par
value to such person or persons to whom
payment may be due or become due for
such work and materials, or for an adj
Justed amount, or on an account stated be-
tween the city and such person or persons,
and in full satisfaction of the same said
bonds to be issued In such installments
dAd lOI tEo IcbPeCllVc tSIlu VI years as
said board may by resolution determine;
provided, thai the principal sum OF said
bonds shall not exceed IN amount the
whole amount of money do and to become
due to the said person or persons by the
terms OF such contract and provided, fur
ther. that no bond be issued or delivered
unless authorized by resolution adopted
by said board, to be approved OF by the
mayor of said city and provided, further,
hat IN case the moneys for when said
bonds may be issued in satisfaction are by
the terms of said contract due and payable
without interest In lnstallments have not
be- n ascertained, then said bonds shall
only be issued for an amount equal to the
present va-ue of said amount due ia ia
stallments, bas d upon a computation to
be made by said board having supervision
and control OF the finances of sucn city, at
the rats of six per ,centum per annum,
and having regard to the probable amount
of said instailments from year to year.
g. And be it enacted, That any moneys
due or to become due for the use made of
such work and materials, or fer any mer-
chandise, article or supply connected
Herewith, or furnished through or there
from, shall be applied to the payment of
such bonds and tor no other purpose I'M
til the same are wholly paid
8. And be il enacted, That the proper
authorities OF such city, in case of the fail
nre to collect sufficient money in the man
ner referred to in tue last preceding Sec
ton of this act to pay and satisfy any such
bond or bonds at their maturity, shall
have power to provide by taxation for the
payment Of said bonds and interest thereon
and may order and cause to be assessed
and collected by tax at the same time and
in the same manner that other taxes in
such city are assessed and collected, sum
of money sufficient to pay or discharge the
principal OF said bonds and interest there
on at the several times it shall become due.
4. And be it enacted, That this act snail
take effect Immediately
Approved April 5, 1887.